SPAC, Live Nation sign five-year contract – The Saratogian – April 8, 2009

Please use link to see SPAC, Live Nation sign five-year contract.

SPAC, Live NationNew Contract2010

April, 2009 – Live Nation & SPAC agree to new 5 year contract (with another 5 year option).

This article should be read carefully.

I quote  from the newspaper article “The existing contract between Live Nation and SPAC, which expires this year (2009), nets SPAC $1 million a year in basic funds.

That’s true.  LIVE NATION RENT listed as:

– 2008 = $1,064,383 (old contract)
*** – 2009 = $1,192,200 (old contract)
– 2010 = $968,904
– 2011 = $834,583

Back to the article.

White said that Live Nation has a policy in which ‘IT CANNOT DISCLOSE THE EXACT DETAILS OF THE NEW CONTRACT’, but a press release issued by SPAC said: “The contract extension provides SPAC with fixed and variable fees that will allow SPAC the opportunity to reach the same level of earnings as the previous agreement”.

That’s true ‘the opportunity’ was there  but earning (as it is refereed to) WENT DOWN in 2010 and 2011.  (i.e. – not $1 million+)

– 2008 = $1,064,383 (old contract)
– 2009 = $1,192,200 (old contract)
***- 2010 = $968,904
***- 2011 = $834,583

Back to the article (at the end)

She (White) added the CONTRACT will ALLOW SPAC TO CONTINUE to host CLASSICAL PROGRAMMING, such as the New York City Ballet and the Philadelphia Orchestra, programs which are not completely self-funded.

“The financials have helped us to continue to program our classical arts, which are programs that don’t support themselves,” said White.  “IT’S A WIN-WIN FOR BOTH OF US”.

And the $1 Million dollar question?

“IT’S A WIN-WIN FOR BOTH OF US”  is?

A) SPAC AND LIVE NATION

B) NYCB AND PHILADELPHIA  ORCHESTRA

C) LIVE NATION AND SPAC

P.S. – It’s obviously NOT B).  IN 2013, NYCB CUT TO ONE WEEK.

P.S.S. –  And something is way out of balance with A)  and C).

—————————————————————————————————————————————————–

July 9 – ‘SPAC Financial Overview 2008-2011′ (this info was handed at this years annual membership meeting) the LIVE NATION RENT listed as:

– 2008 = $1,064,383 (old contract)
– 2009 = $1,192,200 (old contract)
– 2010 = $968,904
– 2011 = $834,583

SPAC, Live NationNew Contract2010

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